Furniture Traders sold three tables and six chairs to Beauty Traders, for their nail
technicians, for an amount of R31 050 (15% VAT inclusive). Furniture Traders makes use
of a mark-up percentage on cost of 35%
What is the amount for the sales (VAT exclusive) of the tables and chairs?
NB: Instructions
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Only show the amount, do not show the R (eg: 12141.72)
Answer:
Question 3
Answer saved
Marked out of 3.00
Flag question
Question text
Select one:
A.
Name of account Classification
Profit on sale of equipment Income
Equipment Asset
Services rendered Income
Depreciation Expense
Insurance Expense
Capital Equity
Credit loss recovered Income
Water and electricity Expense
B.
Name of account Classification
Profit on sale of equipment Income
Equipment Asset
Downloaded by: LearnLibrary | Want to earn $1.236
Distribution of this document is illegal extra per year?
,Services rendered Income
Depreciation Income
,Insurance Expense
Capital Equity
Credit loss recovered Income
Water and electricity Expense
C.
Name of account Classification
Profit on sale of equipment Asset
Equipment Asset
Services rendered Income
Depreciation Income
Insurance Expense
Capital Liability
Credit loss recovered Income
Water and electricity Expense
D.
Name of account Classification
Profit on sale of equipment Income
Equipment Asset
Services rendered Income
Depreciation Income
Insurance Expense
Capital Equity
Credit loss recovered Expense
Water and electricity Expense
E.
Name of account Classification
Profit on sale of equipment Income
Equipment Asset
,Services rendered Income
Depreciation Asset
Insurance Expense
Capital Equity
Credit loss recovered Expense
Water and electricity Expense
Clear my choice
Question 4
Answer saved
Marked out of 3.00
Flag question
Question text
Use the following information to calculate the total liabilities amount for the basic
accounting equation:
R
Capital 680 000
Services rendered 470 000
Drawings 35 000
Rent income 65 000
Interest income 36 000
Stationery 3 300
Wages 13 500
Insurance expenses 15 600
Furniture 80 000
Vehicles 620 000
Bank overdraft 80 000
Trade payables control 81 300
Loan: SA Bank 70 200
Land 400 000
Buildings 70 000
Inventory 75 000
Trade receivables control 210 000
Select one:
,A.
R161 300
B.
R80 000
C.
R51 500
D.
R151 500
E.
R231 500
Clear my choice
Question 5
Answer saved
Marked out of 3.00
Flag question
Question text
Cool Plumbing Services provided with the following information for the financial year
ended 28 February 20.2
R
Services rendered 970 000
Salaries 260 000
Wages 60 000
Telephone expenses 8 000
Water and electricity 3 000
Stationery 8 000
Interest income 6 000
Insurance expenses 5 000
The profit/loss for the year of Cool Plumbing Services for the year ended 28 February
20.2 is a ...
,Select one:
A.
profit for the year of R632 000
B.
profit for the year of R620 000
C.
profit for the year of R976 000
D.
loss for the year of (R632 000)
E.
loss for the year of (R976 000)
Clear my choice
Question 6
Answer saved
Marked out of 3.00
Flag question
Question text
The following information for August 20.19 relates to NP Glassworks:
1. Pencil totals of the bank columns in the cash journals at 31 August 20.19:
Cash receipts journal, R65 650
Cash payments journal, R15 800
2. The bank statement for August 20.19 reflected the following items which did not
appear in the cash journals for August 20.19:
• Credit balance per bank statement at 31 August 20.19, R45 909.
• Direct deposit: Ms A Ngcobo, R2 000. NP Glassworks sublets part of its building to
Ms A Ngcobo, who pay the monthly rental via electronic funds transfer.
• Interest on bank account, R459.
• A deposit meant for another client, R5 400.
• Service fees, R300.
• Debit order, WM Insurers
3. Items appearing in the cash journals for August 20.19 but not on the bank
statement for August 20.19:
, A deposit on 30 August 20.19, R14 000.
4. On 1 August 20.19, the opening balance of the bank account was R7 000
(favourable).
Which of the following options represents the amounts that must be included in the cash
receipts journal of NP Glassworks for August 20.19:
a.
R65 650 + R2 000 + R459
b.
R65 650 + R2 000 + R459 + R14 000
c.
R7 000 + R2 000 + R459
d.
R65 650 + R2 000 + R14 000
e.
R65 650 + R2 000 + R5 400 + R459 + R14 000
Clear my choice
Question 7
Answer saved
Marked out of 3.00
Flag question
Question text
The following information relates to Tshwane Dry Cleaners at 28 February 20.20:
Balances:
R
Trade receivables control account (1 March 20.19) 11 000
Allowance for credit losses (1 March 20.19) 648
Credit losses recovered 500
Credit sales 61 000
, Settlement discount granted 840
Additional information
(1) During the year R54 000 was received from debtors in respect of credit sales.
(2) Debtor, P Kleinman, was declared insolvent and his account of R100 has to be written
off.
(3) It was determined that the allowance for credit losses account should amount to R853
at 28 February 20.20. The credit losses that occur during the year must be written off
against the credit losses account.
Which one of the following options represents the correct trade receivables control
account in the general ledger of Tshwane Dry Cleaners:
Select one:
A.
TSHWANE DRY CLEANERS GENERAL LEDGER
Dr Trade receivables control Cr
20.19 R 20.20 R
Mar 1 Balance b/d 11 000 Febr 28 Bank and
settle-
20.20 ment
discount
Febr 28 Sales 61 000 granted 54 000
Credit losses 100
Balance c/d 17 900
72 000 72 000
Mar 1 Balance b/d 17 900
B.
TSHWANE DRY CLEANERS GENERAL LEDGER
Dr Trade receivables control Cr
20.19 R 20.20 R
Mar 1 Balance b/d 11 000 Febr 28 Bank 54 000
20.20 Settlement
Febr 28 Sales 61 000 discount
Credit losses granted 840
recovered 500 Credit losses 100
Balance c/d 17 560
72 500 72 500
Mar 1 Balance b/d 17 560
,C.
TSHWANE DRY CLEANERS GENERAL LEDGER
Dr Trade receivables control Cr
20.19 R 20.20 R
Mar 1 Balance b/d 11 000 Febr 28 Bank 53 160
20.20 Settlement
Febr 28 Sales 61 000 discount
granted 840
Credit losses 100
Balance c/d 17 900
72 000 72 000
Mar 1 Balance b/d 17 900
D.
TSHWANE DRY CLEANERS GENERAL LEDGER
Dr Trade receivables control Cr
20.19 R 20.20 R
Mar 1 Balance b/d 11 000 Febr 28 Bank 54 000
20.20 Settlement
Febr 28 Sales 61 000 discount
granted 840
Credit losses 100
Credit losses
recovered
500
Balance c/d 16 560
72 000 72 000
Mar 1 Balance b/d 16 560
E.
TSHWANE DRY CLEANERS GENERAL LEDGER
Dr Trade receivables control Cr
20.19 R 20.20 R
Mar 1 Balance b/d 11 000 Febr 28 Bank 54 000
20.20 Settlement
Febr 28 Sales 61 000 discount
granted 840
Credit losses 100
Balance c/d 17 060
72 000 72 000
Mar 1 Balance b/d 17 060
, Clear my choice
Question 8
Answer saved
Marked out of 3.00
Flag question
Question text
The following information pertains to the Only Supporters Club:
Balances as at 30 September 20.19 R
Membership fees – 63 240
received……………………………………………………..
In arrears membership fees (30 September 7 440
20.18)……………………………
Membership fees received in advance (30 September 10 800
20.18)……………….
Advertising 8 800
expenses…………………………………………………………….
TH fund - (30 September 96 000
20.19)…………………………………………………
Additional information
The following transactions must be taken into account for the year ended 30 September
20.19:
During the current year 25 new members joined the club. The entrance fee per member
is R600 and the entrance fees received should be capitalised.
Use the information provided to calculate the entrance fees that should be recognised as
income in the statement of income and expenditure for the year ended 30 September
20.19:
Select one:
A.
Entrance fees amount recognised as income is R7 500.
B.
Entrance fees amount recognised as income is R11 250.
C.
Entrance fees amount recognised as income is R15 000.
D.
Entrance fees amount recognised as income is RNil.
technicians, for an amount of R31 050 (15% VAT inclusive). Furniture Traders makes use
of a mark-up percentage on cost of 35%
What is the amount for the sales (VAT exclusive) of the tables and chairs?
NB: Instructions
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Only show the amount, do not show the R (eg: 12141.72)
Answer:
Question 3
Answer saved
Marked out of 3.00
Flag question
Question text
Select one:
A.
Name of account Classification
Profit on sale of equipment Income
Equipment Asset
Services rendered Income
Depreciation Expense
Insurance Expense
Capital Equity
Credit loss recovered Income
Water and electricity Expense
B.
Name of account Classification
Profit on sale of equipment Income
Equipment Asset
Downloaded by: LearnLibrary | Want to earn $1.236
Distribution of this document is illegal extra per year?
,Services rendered Income
Depreciation Income
,Insurance Expense
Capital Equity
Credit loss recovered Income
Water and electricity Expense
C.
Name of account Classification
Profit on sale of equipment Asset
Equipment Asset
Services rendered Income
Depreciation Income
Insurance Expense
Capital Liability
Credit loss recovered Income
Water and electricity Expense
D.
Name of account Classification
Profit on sale of equipment Income
Equipment Asset
Services rendered Income
Depreciation Income
Insurance Expense
Capital Equity
Credit loss recovered Expense
Water and electricity Expense
E.
Name of account Classification
Profit on sale of equipment Income
Equipment Asset
,Services rendered Income
Depreciation Asset
Insurance Expense
Capital Equity
Credit loss recovered Expense
Water and electricity Expense
Clear my choice
Question 4
Answer saved
Marked out of 3.00
Flag question
Question text
Use the following information to calculate the total liabilities amount for the basic
accounting equation:
R
Capital 680 000
Services rendered 470 000
Drawings 35 000
Rent income 65 000
Interest income 36 000
Stationery 3 300
Wages 13 500
Insurance expenses 15 600
Furniture 80 000
Vehicles 620 000
Bank overdraft 80 000
Trade payables control 81 300
Loan: SA Bank 70 200
Land 400 000
Buildings 70 000
Inventory 75 000
Trade receivables control 210 000
Select one:
,A.
R161 300
B.
R80 000
C.
R51 500
D.
R151 500
E.
R231 500
Clear my choice
Question 5
Answer saved
Marked out of 3.00
Flag question
Question text
Cool Plumbing Services provided with the following information for the financial year
ended 28 February 20.2
R
Services rendered 970 000
Salaries 260 000
Wages 60 000
Telephone expenses 8 000
Water and electricity 3 000
Stationery 8 000
Interest income 6 000
Insurance expenses 5 000
The profit/loss for the year of Cool Plumbing Services for the year ended 28 February
20.2 is a ...
,Select one:
A.
profit for the year of R632 000
B.
profit for the year of R620 000
C.
profit for the year of R976 000
D.
loss for the year of (R632 000)
E.
loss for the year of (R976 000)
Clear my choice
Question 6
Answer saved
Marked out of 3.00
Flag question
Question text
The following information for August 20.19 relates to NP Glassworks:
1. Pencil totals of the bank columns in the cash journals at 31 August 20.19:
Cash receipts journal, R65 650
Cash payments journal, R15 800
2. The bank statement for August 20.19 reflected the following items which did not
appear in the cash journals for August 20.19:
• Credit balance per bank statement at 31 August 20.19, R45 909.
• Direct deposit: Ms A Ngcobo, R2 000. NP Glassworks sublets part of its building to
Ms A Ngcobo, who pay the monthly rental via electronic funds transfer.
• Interest on bank account, R459.
• A deposit meant for another client, R5 400.
• Service fees, R300.
• Debit order, WM Insurers
3. Items appearing in the cash journals for August 20.19 but not on the bank
statement for August 20.19:
, A deposit on 30 August 20.19, R14 000.
4. On 1 August 20.19, the opening balance of the bank account was R7 000
(favourable).
Which of the following options represents the amounts that must be included in the cash
receipts journal of NP Glassworks for August 20.19:
a.
R65 650 + R2 000 + R459
b.
R65 650 + R2 000 + R459 + R14 000
c.
R7 000 + R2 000 + R459
d.
R65 650 + R2 000 + R14 000
e.
R65 650 + R2 000 + R5 400 + R459 + R14 000
Clear my choice
Question 7
Answer saved
Marked out of 3.00
Flag question
Question text
The following information relates to Tshwane Dry Cleaners at 28 February 20.20:
Balances:
R
Trade receivables control account (1 March 20.19) 11 000
Allowance for credit losses (1 March 20.19) 648
Credit losses recovered 500
Credit sales 61 000
, Settlement discount granted 840
Additional information
(1) During the year R54 000 was received from debtors in respect of credit sales.
(2) Debtor, P Kleinman, was declared insolvent and his account of R100 has to be written
off.
(3) It was determined that the allowance for credit losses account should amount to R853
at 28 February 20.20. The credit losses that occur during the year must be written off
against the credit losses account.
Which one of the following options represents the correct trade receivables control
account in the general ledger of Tshwane Dry Cleaners:
Select one:
A.
TSHWANE DRY CLEANERS GENERAL LEDGER
Dr Trade receivables control Cr
20.19 R 20.20 R
Mar 1 Balance b/d 11 000 Febr 28 Bank and
settle-
20.20 ment
discount
Febr 28 Sales 61 000 granted 54 000
Credit losses 100
Balance c/d 17 900
72 000 72 000
Mar 1 Balance b/d 17 900
B.
TSHWANE DRY CLEANERS GENERAL LEDGER
Dr Trade receivables control Cr
20.19 R 20.20 R
Mar 1 Balance b/d 11 000 Febr 28 Bank 54 000
20.20 Settlement
Febr 28 Sales 61 000 discount
Credit losses granted 840
recovered 500 Credit losses 100
Balance c/d 17 560
72 500 72 500
Mar 1 Balance b/d 17 560
,C.
TSHWANE DRY CLEANERS GENERAL LEDGER
Dr Trade receivables control Cr
20.19 R 20.20 R
Mar 1 Balance b/d 11 000 Febr 28 Bank 53 160
20.20 Settlement
Febr 28 Sales 61 000 discount
granted 840
Credit losses 100
Balance c/d 17 900
72 000 72 000
Mar 1 Balance b/d 17 900
D.
TSHWANE DRY CLEANERS GENERAL LEDGER
Dr Trade receivables control Cr
20.19 R 20.20 R
Mar 1 Balance b/d 11 000 Febr 28 Bank 54 000
20.20 Settlement
Febr 28 Sales 61 000 discount
granted 840
Credit losses 100
Credit losses
recovered
500
Balance c/d 16 560
72 000 72 000
Mar 1 Balance b/d 16 560
E.
TSHWANE DRY CLEANERS GENERAL LEDGER
Dr Trade receivables control Cr
20.19 R 20.20 R
Mar 1 Balance b/d 11 000 Febr 28 Bank 54 000
20.20 Settlement
Febr 28 Sales 61 000 discount
granted 840
Credit losses 100
Balance c/d 17 060
72 000 72 000
Mar 1 Balance b/d 17 060
, Clear my choice
Question 8
Answer saved
Marked out of 3.00
Flag question
Question text
The following information pertains to the Only Supporters Club:
Balances as at 30 September 20.19 R
Membership fees – 63 240
received……………………………………………………..
In arrears membership fees (30 September 7 440
20.18)……………………………
Membership fees received in advance (30 September 10 800
20.18)……………….
Advertising 8 800
expenses…………………………………………………………….
TH fund - (30 September 96 000
20.19)…………………………………………………
Additional information
The following transactions must be taken into account for the year ended 30 September
20.19:
During the current year 25 new members joined the club. The entrance fee per member
is R600 and the entrance fees received should be capitalised.
Use the information provided to calculate the entrance fees that should be recognised as
income in the statement of income and expenditure for the year ended 30 September
20.19:
Select one:
A.
Entrance fees amount recognised as income is R7 500.
B.
Entrance fees amount recognised as income is R11 250.
C.
Entrance fees amount recognised as income is R15 000.
D.
Entrance fees amount recognised as income is RNil.
